Upon closing, GTY Technological innovation Holdings Inc. will work as a privately held corporation with a ongoing emphasis on delivering cloud software program solutions for the community sector
BOSTON, April 29, 2022–(Business WIRE)–GTY Engineering Holdings Inc. (NASDAQ: GTYH) (“GTY” or the “Business”), a primary service provider of cloud computer software solutions for the general public sector, right now declared it has entered into a definitive agreement to be obtained by GI Companions (“GI”), a foremost non-public expenditure company. On completion of the transaction, GTY will come to be a privately held corporation.
Below the terms of the settlement, GTY shareholders will get upon consummation of the transaction $6.30 in income for every single share of GTY prevalent stock that they maintain. The order rate presents significant value to GTY’s current shareholders and signifies a 123% top quality about the closing share selling price on April 28, 2022, the previous entire buying and selling day prior to the transaction announcement, and a 57% quality about the 90-day volume-weighted typical closing share price tag by April 28, 2022.
The investment by GI Associates will help GTY’s robust momentum in the public sector technologies industry as the Business will increase investments in profits, marketing and advertising and know-how innovation to speed up advancement.
“GI Companions has an outstanding keep track of report of supporting and including value to top application providers, and we are delighted to deliver on a partner of GI Partners’ caliber,” claimed TJ Parass, CEO of GTY. “This transaction will deliver instant and significant value to GTY shareholders. The Business will have larger adaptability to aim on executing our method, and we are enthusiastic to start our lengthy-time period partnership with GI Partners.”
“We at GI think GTY has developed remarkable solutions across its segments and a effectively-attained popularity for top quality and innovation. We are amazed by the team’s motivation to remedy some of governments’ most pressing troubles,” reported Travis Pearson, Running Director and Co-Head of Non-public Equity at GI Associates.
Sendil Rajendran, Handling Director at GI Partners, included, “We see prospects for GTY to keep on to accelerate organic and natural growth by means of a number of remarkable initiatives where by GI has deep expertise. We appear ahead to functioning with management to go on innovating and offering value to its customers.”
GTY’s Board of Directors has unanimously permitted the transaction and suggests that GTY’s shareholders vote in favor of the transaction at the distinctive meeting of GTY shareholders to be termed in connection with the transaction. A special meeting of GTY’s shareholders will be held as shortly as practicable following the filing of a definitive proxy assertion with the U.S. Securities and Exchange Fee (“SEC”) and subsequent mailing to GTY’s shareholders.
GTY shareholders will get $6.30 for each share in money upon the closing. The transaction is at the moment envisioned to close in the 3rd quarter of 2022 adhering to receipt of relevant regulatory approvals and the fulfillment of other customary closing circumstances, including acceptance by GTY’s shareholders.
For further info regarding the conditions and ailments of the definitive merger settlement, be sure to see GTY’s Recent Report on Kind 8-K, which will be submitted in connection with the transaction.
Credit history Suisse is acting as exclusive financial advisor to GTY and Davis Graham & Stubbs is serving as GTY’s lawful advisor. Goldman Sachs & Co. LLC is acting as monetary advisor to GI Companions and Ropes & Grey is serving as lawful advisor to GI Partners.
About GTY Technological innovation Holdings Inc.
GTY brings primary community sector know-how organizations collectively to reach a new common in stakeholder engagement and resource management. By means of its 6 organization units, GTY presents an intuitive cloud-based mostly suite of options for point out and nearby governments, education institutions, and health care businesses spanning capabilities in procurement, payments, grant management, budgeting, and allowing: Bonfire offers strategic sourcing and procurement application to empower self-assured and compliant investing selections CityBase offers federal government payment solutions to link constituents with utilities and authorities businesses eCivis delivers a grant management program to maximize grant revenues and monitor overall performance OpenCounter presents user-friendly software program to guideline applicants through intricate permitting and licensing procedures Questica features finances preparing and administration application to produce on money and non-fiscal strategic goals Sherpa delivers community-sector budgeting software package and consulting expert services.
About GI Companions
Established in 2001, GI Companions is a personal financial investment company with about 125 workforce and workplaces in San Francisco, New York, Chicago, Greenwich, and Scottsdale. The business has raised more than $32 billion in money from leading institutional traders all over the environment to devote in non-public equity, actual estate, and information infrastructure techniques. The private equity group invests generally in companies in the healthcare, IT infrastructure, products and services, and software package sectors. The authentic estate group focuses generally on engineering and life sciences houses as effectively as other specialised actual estate sectors and procedures. The information infrastructure staff invests largely in challenging asset infrastructure businesses underpinning the electronic economic system. For extra info, remember to take a look at www.gipartners.com.
More Data and The place to Find It
In link with the proposed acquisition of GTY (the “Transaction”), GTY strategies to file a proxy statement (the “Transaction Proxy Statement”) with the SEC in link with the solicitation of proxies to approve the Transaction. Immediately immediately after submitting the definitive Transaction Proxy Statement with the SEC, GTY will mail the definitive Transaction Proxy Statement and proxy card to just about every shareholder entitled to vote at the special meeting to contemplate the Transaction. SHAREHOLDERS ARE URGED TO Study THE TRANSACTION PROXY Statement (Like ANY AMENDMENTS OR Nutritional supplements THERETO) AND ANY OTHER Appropriate Documents THAT GTY WILL FILE WITH THE SEC WHEN THEY Come to be Offered Mainly because THEY WILL Have Crucial Details. Shareholders may well obtain, free of cost, the preliminary and definitive variations of the Transaction Proxy Statement, any amendments or nutritional supplements thereto, and any other applicable paperwork filed by GTY with the SEC in link with the Transaction at the SEC’s site (http://www.sec.gov). Copies of GTY’s definitive Transaction Proxy Statement, any amendments or dietary supplements thereto, and any other appropriate documents filed by GTY with the SEC in relationship with the Transaction will also be obtainable, no cost of demand, at GTY’s web-site (https://gtytechnology.com/about/trader-products) or by creating to GTY, Awareness: Trader Relations, 800 Boylston Avenue, 16th Flooring, Boston, Massachusetts, 02199.
Contributors in the Solicitation
GTY, its administrators and certain govt officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Transaction. Added facts regarding such contributors, including their direct or indirect passions, by security holdings or or else, will be involved in the Transaction Proxy Statement and other relevant documents to be submitted with the SEC in relationship with the Transaction. Data about GTY’s administrators and executive officers and their ownership of GTY’s prevalent shares is set forth in the definitive proxy assertion for GTY’s 2022 yearly meeting of shareholders submitted with the SEC on April 28, 2022. Cost-free copies of these paperwork may well be attained as described in the preceding paragraph.
This interaction contains ahead-searching statements that contain risks and uncertainties, like statements with regards to: the Transaction, such as the expected timing of the closing of the Transaction factors taken into account by GTY’s Board of Administrators in approving the Transaction and expectations for GTY subsequent the closing of the Transaction. If any of these dangers or uncertainties materialize, or if any of GTY’s assumptions verify incorrect, GTY’s true outcomes could vary materially from the effects expressed or implied by these ahead-looking statements. Added threats and uncertainties consist of those people involved with: the chance that the ailments to the closing of the Transaction are not contented, such as the chance that demanded approvals from GTY’s shareholders for the Transaction or demanded regulatory approvals to consummate the Transaction are not obtained likely litigation relating to the Transaction uncertainties as to the timing of the consummation of the Transaction the ability of each occasion to consummate the Transaction achievable disruption related to the Transaction to GTY’s present plans and operations, including via the reduction of shoppers and employees and other challenges and uncertainties comprehensive in the periodic stories that GTY files with the SEC, together with GTY’s Yearly Report on Sort 10-K filed with the SEC on February 18, 2022, which may possibly be received on the trader relations section of GTY’s site (https://gtytechnology.com/about/trader-components). All forward-on the lookout statements in this conversation are centered on facts available to GTY as of the day of this conversation, and GTY does not presume any obligation to update the ahead-searching statements delivered to mirror gatherings that arise or instances that exist after the date on which they ended up manufactured, apart from as demanded by legislation.
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Chris Tofalli Community Relations LLC